Nicholas Fixed Income Alternative ETF
$17.070.00 (−0.03%)
- 0.97%
- $121M
- +2.1%
- 8.33%
- 0M sh
- $17.10
- low $16.93high $18.30
The ETF.net FIAX Grade
D
Score 38 out of 100
- 11 of 14
Score 38 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F16 out of 100Rank 12 of 14Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C52 out of 100Rank 7 of 14Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C44 out of 100Rank 11 of 14Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A72 out of 100Rank 3 of 13Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C49 out of 100Rank 9 of 14
Our read on FIAX
DMost options-income funds write calls on stocks. FIAX holds short-term U.S. Treasuries and runs a defined-risk options overlay on ETFs and indexes for the income, then measures itself against the Agg. A bond-shaped wrapper around an options engine.
The Fund seeks current income through short-term U.S. Treasury fixed income securities combined with a defined-risk option premium strategy using options on ETFs and securities indices.
Why people hold it
- The income engine is options, not coupons: short-term Treasury holdings paired with a defined-risk option premium strategy on ETFs and securities indexes.
- The Treasury sleeve is short-term, so interest-rate sensitivity sits far below the Bloomberg US Aggregate Bond Index it benchmarks against.
- Distributions are paid monthly, and the fund has been running live since its 2022 launch.
Worth knowing
- The 0.97% expense ratio sits at the pricier end of the options-income group, where index-overlay peers like LQDW charge 0.34%.
- It trades thinly, so bid-ask spreads are typically wider than the heavily traded names in its category and order execution carries more weight.
- The options overlay is actively managed rather than a mechanical index formula, so outcomes depend on the manager's positioning, not a published rulebook.
FIAX Holdings
- Bonds
- 11
- 102%
- United States Treasury Note/Bond 3.875% 06/15/2028
Sectors
- Technology38.7%
- Financials12.1%
- Communication9.5%
- Consumer Discretionary9.3%
- Health Care9.3%
- Industrials7.8%
- Consumer Staples4.5%
- Energy3.5%
- Utilities2.0%
- Real Estate1.8%
- Materials1.7%
FIAX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
FIAX$10,211
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | FIAX |
|---|---|
| Year to date | +0.9% |
| 1 month | −0.1% |
| 3 months | −0.9% |
| 1 year | +2.1% |
| 3 years | +3.2% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FIAX |
|---|---|---|
| 2026 YTD | +0.9% | |
| 2025 | +2.3% | |
| 2024 | +4.7% | |
| 2023 | +3.5% | |
| 2022 | −0.3% |
FIAX in the news
FIAX Dividends
- 8.33%
- $1.42
- $0.11 per share
- Monthly
Distribution history
FIAX Risk
- 3.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.32
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −6.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.42
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FIAX Cost
0.97%
FIAX0.97%
- The middle half of Treasury Option Income funds
- Median 0.65%
10 of the 13 Treasury Option Income funds charge less.
Other funds in Treasury Option Income
- CDEFRETF Series Solutions - Aptus Deferred Income ETFExpense ratio 0.79%1 year return −0.5%
- CLQDMAmplify ETF Trust - Amplify LQD Investment Grade 12% Target Income ETFExpense ratio 0.54%1 year return —
- DLTTIFT Vest 20+ Year Treasury & Target Income ETFExpense ratio 0.65%1 year return −9.3%
- DHYGMAmplify ETF Trust - Amplify HYG High Yield 10% Target Income ETFExpense ratio 0.89%1 year return —
- FFIYYGraniteshares YieldBOOST 20Y+ Treasuries ETFExpense ratio 1.07%1 year return —